[Congressional Record Volume 163, Number 195 (Thursday, November 30, 2017)]
[Senate]
[Page S7595]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 1718. Mr. MANCHIN submitted an amendment intended to be proposed 
by him to the bill H.R. 1, to provide for reconciliation pursuant to 
titles II and V of the concurrent resolution on the budget for fiscal 
year 2018; which was ordered to lie on the table; as follows:

       Strike subsection (a) of section 13001 and insert the 
     following:
       (a) In General.--Subsection (b) of section 11 is amended to 
     read as follows:
       ``(b) Amount of Tax.--
       ``(1) In general.--Except as provided in paragraph (2), the 
     amount of the tax imposed by subsection (a) shall be 25 
     percent of taxable income.
       ``(2) Further reduction.--
       ``(A) In general.--Subject to subparagraph (B)--
       ``(i) in the case of any taxable year beginning after 
     December 31, 2022, and before January 1, 2026, paragraph (1) 
     shall be applied by substituting `23 percent' for `25 
     percent', and
       ``(ii) in the case of any taxable year beginning after 
     December 31, 2025, paragraph (1) shall be applied by 
     substituting `20 percent' for `25 percent'.
       ``(B) Revenue projection trigger.--Subparagraph (A) shall 
     not apply to any taxable year beginning in a calendar year 
     unless the revenues estimated for all preceding calendar 
     years beginning after December 31, 2018, (as determined by 
     the Joint Committee on Taxation on the date of the enactment 
     of the Tax Cuts and Jobs Act) equals or exceeds actual 
     revenue for such calendar years (as determined by the 
     Secretary of the Treasury).''.
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